China increases soybean processing by 9% in a week

In the period from November 18 to 24, the volume of soybean processing at Chinese oil extraction enterprises reached 2 million tons, which is 9% higher than the level of the previous reporting week. Such data were released by CNGOIC (China National Grain and Oil Information Center). According to their estimates, the current value also exceeds the level of the same period last year by 2%.

At the same time, despite the increase in processing, soybean stocks in China increased and by November 24 were estimated at 4.9 million tons. A month earlier this figure was lower by 13%, and a year earlier by 40%.

In addition, according to CNGOIC, current soybean meal balances in the Celestial Empire amount to 740 thousand tons (+1% for the week; +236% to the figure in 2022), and soybean oil – 900 thousand tons (+6%; +32%).

Tags: soybean oil, soybean, China